When the Milwaukee-based Dohmen Company Foundation launched its $60 million impact investment fund earlier this year, it vowed to infuse capital into five to 10 businesses in as many years, with the ultimate goal of improving health outcomes of more than five million Americans through increased access to healthy food. This week, the fund made its
When the Milwaukee-based Dohmen Company Foundation launched its $60 million impact investment fund earlier this year, it vowed to infuse capital into five to 10 businesses in as many years, with the ultimate goal of improving health outcomes of more than five million Americans through increased access to healthy food. This week, the fund made its first investment: $15 million to Everytable, a ready-made meal delivery and subscription company based in Los Angeles.
[caption id="attachment_569333" align="alignleft" width="300"] Rachel Roller Credit: Lila Aryan[/caption]
Through its impact investment fund, DCF led Everytable's $25 million Series C-2 preferred stock financing round. The latest funding will be used to grow Everytable’s retail operation and food services business throughout California and New York City. Everytable tripled its retail footprint in 2022 to nearly 50 locations and plans to open up to 25 additional stores by the end of 2023. To date, Everytable has sold more than 17 million meals, according to a news release.
“The Dohmen Impact Investment Fund is proud to make its inaugural investment in Everytable to realize the fund’s goal of making healthy eating ubiquitous,” said Rachel Roller, president and chief executive officer of DCF. “We encourage other foundations, socially conscious businesses, and investors to join us in prioritizing investments in healthy food solutions, such as Everytable, to address the growing diet-related disease epidemic.”
Roller announced the launch of DCF's $60 million impact fund in March during an event at the White House, where she participated in a panel discussion on investing in the "healthy eating movement."
The fund builds upon DCF's ongoing $75 million commitment to reducing the morbidity of diet-related disease. DCF announced that pledge in September during the 2022 White House Conference on Hunger, Nutrition & Health, where the Biden administration rolled out a national strategy to end hunger and reduce diet-related disease by 2030.
It was at that conference where DCF and Everytable first connected.
“We are inspired by the Dohmen Company’s long history in the health care industry and their dedication to our shared mission to make nutritious food accessible to everyone, everywhere,” said Sam Polk, CEO and founder of Everytable. "The continued commitment from our investors, despite a steep decline in venture funding overall, speaks volumes about their confidence in our ability to address one of the most pressing and persistent issues of our time.”
DCF's $75 million pledge over seven years marked the launch of Food For Health, a charitable program providing medically tailored meals to low-income individuals in southeastern Wisconsin; The Food Benefit Co., which will contract with companies to offer a food- and lifestyle-focused health benefit to employees; and a national public awareness campaign to promote healthier food choices. Roller shared details on those initiatives in a May interview with BizTimes Milwaukee associate editor Maredithe Meyer. Check out highlights of their conversation here.
